Financial Performance - Revenue for the year ended December 31, 2024, was RMB 980,841,000, an increase of RMB 107,496,000 or 12% compared to RMB 873,345,000 in 2023[2] - Gross profit for the same period was RMB 627,225,000, reflecting a rise of RMB 59,256,000 or 10% from RMB 567,969,000 in the previous year[4] - Annual profit decreased to RMB 438,436,000, down by RMB 64,375,000 or 13% from RMB 502,811,000 in 2023[4] - Profit attributable to owners of the company was RMB 312,822,000, a decline of RMB 75,374,000 or 19% compared to RMB 388,196,000 in the prior year[5] - Core net profit was RMB 444,507,000, down by RMB 82,230,000 or 16% from RMB 526,737,000 in 2023[2] - Basic and diluted earnings per share for the year were RMB 19.54, down from RMB 24.25 in the previous year[5] - Total tax expenses for 2024 amount to RMB 84.51 million, significantly higher than RMB 1.52 million in 2023, indicating a substantial increase[7] - Core net profit decreased from RMB 526.7 million in 2023 to RMB 444.5 million in 2024, reflecting a decline of approximately 15.6%[55] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 3,841,000,000, an increase from RMB 3,403,095,000 in 2023[7] - Non-current assets totaled RMB 2,497,862,000, up from RMB 2,029,589,000 in the previous year[6] - Current liabilities increased to RMB 829,475,000 from RMB 729,945,000 in 2023[6] - The total contract liabilities at year-end 2024 were RMB 528,383,000, compared to RMB 521,624,000 in 2023, indicating a slight increase of 1.5%[19] - The total amount of other payables and accrued expenses increased to RMB 209.91 million in 2024 from RMB 201.71 million in 2023, showing a rise of 4.1%[25] Revenue Sources - Tuition revenue increased to RMB 894,298,000 in 2024 from RMB 794,061,000 in 2023, representing a growth of 12.6%[16] - Total customer contract revenue reached RMB 980,841,000 in 2024, up from RMB 873,345,000 in 2023, marking an increase of 12.3%[16] - The average tuition fee for the Economic and Trade College increased from RMB 14,885 in 2023 to RMB 15,994 in 2024, representing a growth of approximately 7.4%[40] - Total student enrollment increased from 57,654 in 2023 to 58,340 in 2024, reflecting a growth of about 1.2%[39] Operational Developments - The company continues to focus on providing higher education services in China, with plans for market expansion and new product development[8] - The company has acquired land use rights for two plots in Zhengzhou, Henan Province, to build a new campus for its economic and trade college, aligning with its expansion strategy[26] - The company plans to expand its school network in China and overseas, including the construction of a new campus in Zhengzhou, Henan, with an estimated capacity of approximately 20,000 students[41] - The company intends to acquire or invest in underutilized schools in China, particularly in Central, Eastern, and Southern regions[41] - The company has established nine research institutes and centers, enhancing its educational offerings and research capabilities[28] - The company operates ten on-campus training bases and 169 experimental training rooms, supporting its vocational education initiatives[29] Employee and Operational Costs - Employee benefits expenses, excluding director remuneration, rose to RMB 299,704,000 in 2024 from RMB 251,342,000 in 2023, reflecting a 19.2% increase[20] - Operating expenses increased, with administrative expenses rising by RMB 21.0 million to RMB 128.3 million, primarily due to higher employee costs[48] - The total employee benefits expenditure for the year, excluding directors' remuneration, was approximately RMB 299.7 million, with the number of employees increasing from 2,313 to 2,419[63] Strategic Partnerships and Rankings - Changzheng College has established partnerships with 375 industry associations and enterprises to create off-campus internship training bases[31] - The company ranks first in the enrollment plan for private colleges in Zhejiang Province for 2024, indicating strong demand for its educational services[27] - Zhengzhou Economic and Trade College ranks sixth in the enrollment plan for private undergraduate colleges in Henan Province for 2024[32] Financial Management and Governance - The group has no significant reliance on any single customer, with no customer contributing 10% or more to total revenue in 2023[15] - The group had no bank borrowings as of December 31, 2024, and confirmed no difficulties in obtaining bank loans or any defaults on repayments[58] - The group has no contingent liabilities, guarantees, or significant litigation as of December 31, 2024[59] - The group has not declared a final dividend for the year ending December 31, 2024[68] - The audit committee, consisting of three independent non-executive directors, reviewed the group's annual financial performance and internal controls[70] Future Outlook - The company is exploring opportunities to acquire suitable overseas target schools[42] - The remaining net proceeds of approximately RMB 415 million are now allocated for the construction and development of a new campus in Zhengzhou, Henan Province, expected to be completed by December 31, 2025[73]
嘉宏教育(01935) - 2024 - 年度业绩